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What Is The Difference between FATF Grey List & Black List? Check Details

The major objectives of the FATF are to set standards and also promote the effective implementation of legal regulatory and operational measures in order to combat money laundering, terrorist financing and other such threats to the integrity of the global financial system.

Financial Action Task Force (FATF) is an inter-governmental body that was established in the year 1989 during the G7 Summit by the Ministers of its Member jurisdictions. The major objectives of the FATF are to set standards and also promote the effective implementation of legal regulatory and operational measures in order to combat money laundering, terrorist financing and other such threats to the integrity of the global financial system. The FATF is an organization that works to generate the necessary political will to bring about national legislative and regulatory reforms in the aforementioned areas. The FATF Secretariat is housed at the Organisation Economic Co-operation and Development headquarters in Paris, France.

Members of FATF

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As of 2019, There are 37 full members in FATF jurisdictions and two regional organizations. The FATF works closely with a number of international and regional bodies that are involved in battling money laundering and terrorism funding.

List Of Full Members Of FATF
Argentina Gulf Co-operation Council New Zealand
Australia Hong Kong, China Norway
Austria Iceland Portugal
Belgium India Russian Federation
Brazil Ireland Saudi Arabia
Canada Israel Singapore
China Italy South Africa
Denmark Japan Spain
European Commission Republic of Korea Sweden
Finland Luxembourg Switzerland
France Malaysia Turkey
Germany Mexico United Kingdom
Greece The Netherlands, Kingdom of United States

What Is Black List?

Countries that are knowns as Non-Cooperative Countries or Territories (NCCTs) are put in the blacklist. Countries in this list support terror funding and money laundering activities. The FATF revises the blacklist regularly, adding or deleting entries.

What Is FATF Grey List?

FATF grey list contains Countries that are considered as safe haven for supporting terror funding and money laundering are put in the FATF grey list. The inclusion in the grey list serves as a warning to the country that it might enter the blacklist if strict actions against terrorism and money laundering are not taken.

Consequences of being in the FATF grey list:
A Grey List may face the following consequences:
  • Economic sanctions from IMF, World Bank, ADB.
  • Problem while getting loans from IMF, World Bank, ADB and other countries.
  • Reduction in International trade.
  • Might get Internationally boycott.

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